Worthington Industries to Acquire Piper Metal Forming Corporation

COLUMBUS, Ohio--(Business Wire)--
Worthington Industries, Inc. (NYSE:WOR) announced today that it has purchased
the assets related to the business of Piper Metal Forming Corporation, U.S.
Respiratory, Inc. and Pacific Cylinders, Inc.

Piper is a leading manufacturer of aluminum high pressure cylinders, and impact
extruded steel and aluminum parts, serving the medical, automotive, defense, oil
services and other commercial markets, with one manufacturing location in New
Albany, Miss. U.S. Respiratory provides value-added assembly and distribution of
Piper`s medical cylinder products. Pacific Cylinders provides West Coast
distribution from Diamond Springs, Calif.

The revenues of this group were approximately $30 million for the last calendar
year. These assets will be included in Worthington`s Pressure Cylinders business
segment. The transaction is expected to be modestly accretive in the first year.

"This transaction represents a natural extension of our focus on growing our
highly successful pressure cylinder business," said Worthington`s Chairman and
Chief Executive Officer, John P. McConnell. Harry Goussetis, President of
Worthington Cylinders, added, "The products and markets served by Piper
complement our presence in the cylinder market. While we currently manufacture a
broad range of cylinders, the new aluminum products increase our line of
industrial gas product offerings and present an opportunity to participate in
the growing medical market."

This transaction is expected to close within thirty days subject to normal
closing conditions.

About Worthington Cylinders

Worthington Cylinders is the world`s leading global supplier of pressure
cylinders, continually delivering solutions to its customers while exceeding
their expectations in quality, service and value. Worthington Cylinders offers
the most complete line of pressure cylinders in the industry, including
liquefied petroleum; refrigerant and industrial gas cylinders, airbrake tanks
and consumer products.

About Worthington Industries

Worthington Industries is a leading diversified metal processing company with
annual sales of approximately $3 billion. The Columbus, Ohio, based company is
North America`s premier value-added steel processor and a leader in manufactured
metal products such as metal framing, pressure cylinders, automotive past model
service stampings, metal ceiling grid systems and laser welded blanks.
Worthington employs approximately 7,000 people and operates 60 manufacturing
facilities in 10 countries.

Founded in 1955, the company operates under a long-standing corporate philosophy
rooted in the golden rule, with earning money for its shareholders as the first
corporate goal. This philosophy, an unwavering commitment to the customer, and
one of the strongest employee/employer partnerships in American industry serve
as the company`s foundation.

Safe Harbor Statement

The company wishes to take advantage of the Safe Harbor provisions included in
the Private Securities Litigation Reform Act of 1995 ("the Act"). Statements by
the company relating to the expected benefits of the acquisition including the
expectation for it to be accretive; expected growth of the pressure cylinder
business; increases to product lines; or opportunities to participate in certain
markets; and other non-historical matters constitute "forward looking
statements" within the meaning of the Act. Because they are based on beliefs,
estimates and assumptions, forward-looking statements are inherently subject to
risks and uncertainties that could cause actual results to differ materially
from those projected. Any number of factors could affect actual results,
including, without limitation: the possibility that costs or difficulties
related to the integration of the business acquired are greater than expected;
the ability to maintain relationships with customers of the acquired business;
product demand and pricing, changes in product mix and market acceptance of
products; fluctuations in pricing, quality or availability of raw materials,
supplies, utilities and other items required by operations; the ability to
realize price increases, cost savings and operational efficiencies on a timely
basis; capacity levels and efficiencies within facilities and within the
industry as a whole; financial difficulties of customers, suppliers, joint
venture partners and others with whom the company does business; the effect of
national, regional and worldwide economic conditions generally and within major
product markets, including a prolonged or substantial economic downturn; the
effect of adverse weather on facility and shipping operations; changes in
customer spending patterns and supplier choices; acts of war and terrorist
activities; the ability to improve processes and business practices to keep pace
with the economic, competitive and technological environment; deviation of
actual results from estimates and/or assumptions used by the company; the level
of imports and import prices in the company`s markets; the impact of
governmental regulations, both in the United States and abroad; and other risks
described from time to time in filings with the United States Securities and
Exchange Commission.

Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications and Investor Relations
cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
slhiggin@WorthingtonIndustries.com

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